One year after its establishment, the Nigerian Education Loan Fund (NELFUND) is being widely acknowledged as a significant milestone in the nation’s quest to improve access to tertiary education. Stakeholders from across the education sector have begun assessing the performance and impact of the scheme, which has so far disbursed over ₦73.2 billion to 396,000 students nationwide.
According to NELFUND’s Managing Director, Akintunde Sawyerr, the fund has allocated ₦38.3 billion for tuition fees and ₦34.9 billion for student upkeep allowances. Beneficiaries span 206 tertiary institutions across Nigeria’s 36 states and the Federal Capital Territory.
“Since opening the application portal in May 2024, we’ve received over 645,000 applications. We’ve ensured that more than 396,000 of those students—many of them first-generation tertiary learners—received both tuition and maintenance support,” Sawyerr said during a media briefing in Abuja.
A key part of NELFUND’s success has been its fully digital loan application portal, designed for transparency and ease of access. The platform, Sawyerr said, meets global standards and allows for efficient processing, verification, and tracking of loan disbursements.
To broaden access, the scheme was recently extended to include students in technical and vocational training institutions, aligning with Nigeria’s wider skills development strategy.
However, the journey has not been without challenges. Sawyerr cited issues with institutional data integrity, verification delays, and misinformation as some of the hurdles faced over the year. Nonetheless, NELFUND has responded proactively by improving support systems, enabling account updates, and moving disbursements to commercial banks when necessary.
“Behind every number is a story of possibility,” Sawyerr emphasized. “These are young Nigerians whose dreams were once stalled, but who now see a future through education.”
Student Union: “A Game Changer”
The National Association of Nigerian Students (NANS) also weighed in positively on NELFUND’s first year. Its National PRO, Comrade Adeyemi Samson Ajasa, praised the initiative as a “game changer” in Nigeria’s education sector.
“It has helped many students remain focused on academics by taking away the burden of tuition and living costs. NELFUND’s direct engagement with students on campuses has built trust and transparency,” he noted.
Ajasa added that student leaders are also playing a role in sensitizing communities where awareness or application rates remain low.
Parents’ Association: “States Should Emulate NELFUND”
The National Parent Teacher Association of Nigeria (NAPTAN) echoed the commendations. Chairman of its Board of Trustees, Chief Adeolu Ogunbanjo, described the fund’s performance as “one of the best developments in Nigeria’s tertiary education in recent times.”
“NELFUND is a model worth replicating. States should establish their own State Education Loans Funds (SELFUND) to expand the reach and impact,” Ogunbanjo said, also applauding the launch of job portals that link graduating students to potential employers.
Looking Ahead
While challenges remain, stakeholders agree that NELFUND has laid a strong foundation in its first year. With over ₦73 billion disbursed, a fully digital platform in place, and an expanding scope that includes vocational students and job support services, the fund is increasingly seen as a cornerstone in Nigeria’s educational transformation.
What lies ahead will depend on sustained funding, continued system improvements, and greater awareness across all states. But for now, the consensus is clear: NELFUND’s first year has been impactful and promising.
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